League City Asset Protection Attorneys
One of the most contested issues in any divorce is the division of a couple’s assets. This is especially true in Texas, where courts adhere to a legal theory that requires a just division of all community property. Fortunately, the property laws in the state are specific as to what property is or is not subject to division during divorce proceedings. Clearly assessing which assets constitute separate property thus becomes an extremely important asset protection strategy, with which the attorneys at Conner & Lindamood, P.C. are very familiar. Our lawyers have years of experience in identifying and valuing assets, so if you or a loved one have questions or concerns about the fate of your separate property in a property settlement, please contact our office to discuss your case with a League City asset protection attorney.
In Texas, courts will presume that an asset is community property unless the party can show by clear and convincing evidence that it is separate property. There are some assets that are explicitly described as separate property, including:
- Property acquired prior to the marriage;
- Assets acquired as a gift;
- An inheritance; and
- Recovery awarded in a personal injury lawsuit, with the exception of compensation for lost wages.
Assets that fall under these categories are protected by law and cannot be divided during a property settlement, but it is still a good idea to take steps to ensure that your assets do not become commingled with your spouse’s property. If assets become commingled to such a degree that it cannot be proved by clear and convincing evidence that they constitute separate property, a court may resort to the community property presumption. If you are concerned about the commingling of assets, one of our attorneys can help explain your legal options, which may include forming a trust or premarital agreement.
Valuing Your Assets
It is not uncommon for a marital estate to be made up of assets that are a combination of both separate and community property. Although this can confuse the process and make it more difficult to protect specific assets, our attorneys are well-versed in identifying and valuing all property in a marital estate, including residences, investments, and joint business interests. This in turn allows us to quickly assess whether certain assets are subject to division and to what degree.
Contact an Experienced League City Asset Protection Attorney
Divorce proceedings can take an extreme emotional and financial toll on the parties and their children. The process can become even more stressful if a spouse’s assets are unfairly treated as community party and thus subject to division, leaving him or her without the funds necessary when starting a new life. If you and your spouse each claim ownership of significant assets and are considering a divorce, please contact the law firm of Conner & Lindamood, P.C. by calling 281-486-6116 or by completing one of our online contact forms. We will contact you as soon as possible to schedule a confidential consultation.